Posted by John on July 25, 2004 at 16:11:10:
moved to Virginia 11 years ago, funny this place isn’t much different though
Buyer with Unpaid Parking Tickets - Posted by Leb
Posted by Leb on July 24, 2004 at 18:32:11:
Hello is it possible for buyer to obtain title insurance, even if buyer has some undiscovered unpaid parking tickets against him? Is it possible that the title company will discover the unpaid parking tickets against buyer, and therefore refuse to insure title, free and clear? How likely is it that the title compnay will discover these unpaid tickets against buyer?
Re: Buyer with Unpaid Parking Tickets - Posted by eric-fl
Posted by eric-fl on July 26, 2004 at 09:48:30:
This issue is getting confused. Here is the clarification: This will only affect their ability to get title insurance, IF these tickets have been prosecuted to the point of being issued as judgements against the buyer, then recorded. That would be a pretty draconian system of enforcement indeed; I suppose it could happen, but I haven’t seen it. Yes, their CAN be a warrant out for someone with unpaid tickets, but that’s not the same as a judgement. A judgement will automatically attach to any new property; no bank is going to issue a loan knowing that doing so will result in additional immediate debt, hence the problem with the title insurance. It’s not really an issue of title per se, so much as it is an issue with debt. The bank won’t want any additional liens on the property, that could potentially interfere with their own (mortgage) lien. The title company can’t close without the funding number (i.e., literal approval) from the bank, hence, there won’t be any title insurance issued, if no closing takes place. Well, in retrospect, I think I may have actually clouded the issue more; but hopefully, you get the gist.
Re: Buyer with Unpaid Parking Tickets - Posted by Joe C. (AR)
Posted by Joe C. (AR) on July 25, 2004 at 09:15:59:
As John said, title insurance protects the buyer from past title issues; insuring that the buyer is getting what he is paying for (undisputed ownership). The buyer’s history has no effect on the title policy.
Joe C. (AR)
Re: Buyer with Unpaid Parking Tickets - Posted by john
Posted by john on July 25, 2004 at 07:55:25:
Unpaid parking tickets will result into an arrest warrant, which could lead to jail time. I have never heard of them attaching to property, but depends on state I guess.
That said, title insurance is based on the title of property and attachments from seller. The buyers credit and history are not a factor as they can not attach until the property is titled and recorded in their name. Title insurance works in the past history up to closing date. Future issues are not covered.
Where do you live? - Posted by Rick
Posted by Rick on July 25, 2004 at 08:07:57:
Where in this country do you get Jail Time for unpaid parking tickets? I want to make sure I never go there.
Re: Where do you live? - Posted by John
Posted by John on July 25, 2004 at 13:21:44:
30 Yrs ago My brother had about 25 unpaid tickets,and was stopped for speeding. The officer found the tickets via radio the car was towed and he went into jail till he could post bond to cover speeding and parking tickets. I know because I had to bail him out.
This was Bastrop county, Texas
Re: Where do you live? - Posted by Rick
Posted by Rick on July 25, 2004 at 15:14:11:
Texas! That figures. Isn’t that the same state where they execute women and retarded citizens? You’all play too rough down there for me 